STAR Companies Present their Y2003 Results


Companies listed on STAR, the stock market segment with high requirements, will meet tomorrow with analysts and investors at the 3rd STAR Company Results, an event organised by Borsa Italiana - the Italian Stock Exchange - to present their financial results and their future prospects.

Market Data

STAR started on the 2nd of April 2001 with 20 companies - today, it counts 42 - and since that day it has shown constant growth. At the end of January 2004 it had a capitalisation of over €9.7 billion and trading volumes for the month of over €532 million.

Since its start, the MIBSTAR index recorded a better performance than the MIB and the NUMEX indices.

The volatility of the STAR segment (7.5% in 2003) is lower than Borsa (14.5%) and Nuovo Mercato (22.2%).

Company Highlights

The 42 STAR companies have a free float higher than the percentage required by STAR rules - 35% for IPOs and 20% if already listed; three companies have a free float higher than 75%, 10 between 40% and 75%, eight between 35% and 40%, 11 between 30% and 35% and 10 between 20% and 30% of capital.

With regard to 2003 financial highlights, the companies showed an average growth in revenues of 7% compared to 2002 while the average rise in EBITDA was 19%. Net debt at 31 December 2003 declined by 5% compared to the 2002 figure and six companies recorded a net cash position.

During 2003, 71% of the companies showed a positive trend in their share price performance: among these were Manuli (de-listed on the 29th of January 2004 following a take-over bid), up 82.3%, Banca Finnat, up 58.8%, Banca Popolare Etruria e Lazio, up 52.6%, Centrale del Latte di Torino, up 48.7%, Stefanel, up 46.6%, Brembo, up 37.7%, Emak, up 37.2, Astaldi, up 36.8%, Vittoria Assicurazioni, up 35.3% and Cembre, up 34.4%.


Corporate Governance and Transparency

71% of the STAR companies' Board of Directors are composed of a majority of non-executive and/or independent directors and 55% have a higher number of independent members than the minimum required. On average, over 30% of the members of STAR company Boards are independent directors.

With regard to the independent members in the internal control committees, 95% of the STAR companies have a number higher than 50%. On average, 80% of the members of a STAR company's internal control committee are independent.

31% of the companies have adopted more stringent criteria - in terms of thresholds and/or timeliness of communications - than those defined in Borsa Italiana's Code of Internal Dealing.


Milan, 25 February 2003

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